Technology is turning out to be the saving grace for the real estate industry during the coronavirus pandemic. Though potential homebuyers cannot step foot in a house, they are turning toward 3D home tours to continue their search from the comfort of their couch—or their bed, floor, or bathroom, for that matter. In the last week of March, Zillow reported an over 400 percent jump in the creation of 3D home tours from a typical week in February. And homes that have 3D tours receive 50 percent more site visitors and are saved 60 percent more than those without. These might not translate to major sales right now while the economy is still on a rollercoaster ride, but once the pandemic is over, buyers may jump on that house they have been eyeing for weeks. Knock on wood.
At a time when face-to-face interactions are being limited or outright banned in parts of the country, home sellers, buyers, renters and their agents are increasingly turning to technology. The number of 3D Home tours created on Zillow in March was 188% higher than the previous month. In the last week of March alone, created tours jumped more than five times (+408%) from a typical week in February.
Listings that feature a 3D Home tour are labeled with a tag that helps them stand out. In March, listings with 3D Home tours received about 50% more site visitors and were saved about 60% more frequently.
Related Stories
Innovation
AI Solutions to Overcome Barriers to Housing Development
Two startups leveraging technology to drive affordable housing solutions win 2023 Ivory Prize for Housing Affordability
Off-Site Construction
Learning From Japan's Off-Site Construction Experience
Insights into how the U.S. might learn from Japan in overcoming barriers and challenges to off-site construction
Innovation
Ivory Innovations Announces 25 Finalists for 2023 Ivory Prize
Ivory Innovations recently revealed its 25 finalists for the 2023 Ivory Prize. This year's finalists demonstrated ambitious solutions to the housing affordability crisis and were selected from 203 nominees